Amends TCA Title 47, Chapter 18.
Tennessee HB0743 enacts the Debt Resolution Services Act, requiring licensure for debt resolution service providers in the state. It affects entities that negotiate or alter debt terms between consumers and unsecured creditors, establishing qualifications for licensure, including financial disclosures and compliance with industry standards. Key provisions include consumer protections, fee structures, and the authority for the commissioner of commerce and insurance to enforce regulations and impose penalties for violations.
Tennessee HB0743 enacts the Debt Resolution Services Act, requiring licensure for debt resolution service providers in the state. It affects entities that negotiate or alter debt terms between consumers and unsecured creditors, establishing qualifications for licensure, including financial disclosures and compliance with industry standards. Key provisions include consumer protections, fee structures, and the authority for the commissioner of commerce and insurance to enforce regulations and impose penalties for violations.
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